HEKTAR REITHEKTAR REIT

HEKTAR REITFULL YEAR 2008FULL YEAR 2008

FINANCIAL RESULTS PRESENTATION

HEKTAR ASSET MANAGEMENT SDN BHD

4 FEBRUARY 20094 FEBRUARY 2009

PRIVATE & CONFIDENTIAL

PRIVATE & CONFIDENTIAL 2

Disclaimers

The material that follows is a presentation of general background information about the activities of Hektar RealEstate Investment Trust (Hektar REIT) as at the date of this Presentation.

The information contained herein is given in summary form solely to provide an understanding of the businessof Hektar REIT and does not purport to be complete. You should conduct your own investigation and analysisof Hektar REIT and other data contained in this Presentation. It is not intended to be relied upon as advice forinvestment or invitation to invest in Hektar REIT or an evaluation of Hektar REIT. No representation, warranty,express or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of theinformation contained herein. This Presentation may contain forward-looking statements that involves risks anduncertainties. Actual future results may vary materially from those expressed in forward-looking statements asa result of a number of risks, uncertainties and assumptions. You are cautioned not to place undue reliance onthese forward-looking statements, which are based on the Manager’s current view of future events.

Whilst we have used our best endeavour and exercised reasonable diligence in collating information fromWhilst we have used our best endeavour and exercised reasonable diligence in collating information frompublic domain, we have not independently verified the accuracy of such information.

Hektar REIT and/or its manager or any of its directors, officers and employees shall not accept anyibilit f i i i thi P t ti d h ll t b li bl f l thresponsibility for any errors or omission in this Presentation and shall not be liable for any loss or other

consequence of any reliance upon the whole or any part of the contents of this Presentation thereon.

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Financial Summary – Full Year 2008

1 J 2008 31 D b 2008Full Year 2008

1 January 2008 – 31 December 2008 12 Months

Portfolio Occupancy: ~95 8%

Operational Performance

Portfolio Occupancy: ~95.8%Rent Reversions: +8%Net Income per Unit: 11.32 senNet Income +7% over previous comparable year1Net Income +7% over previous comparable year

and +25.7% over Prospectus Forecast2

Final Quarter DPU Declared: 3.00 senDPU

DistributionFY2008 DPU: 10.20 senDPU Yield: 13.2%3

Exceeds FY2007 DPU by +3 2%4

1 FY2007 annualised Net Income per unit: 10.59 sen per unit (13 months: 11.47 sen per unit)2 As per Hektar REIT Initial Public Offering Prospectus dated 15 November 2006

Exceeds FY2007 DPU by +3.2%4

3 Based on DPU of 10.20 sen and closing price of RM0.77 on 31 December 2008. 4 FY2007 annualised DPU: 9.89 sen (13 months: 10.71 sen per unit)DPU = Dividend Per Unit

PRIVATE & CONFIDENTIAL 4

Financial Summary – Full Year 2008

FY08 FY07

Hektar REIT Dividend up 3.2% in FY2008FY08

12 monthsFY07

13 months

Net Income ‐ Realised (RM '000) 36,238 36,682Fair Value Gain on Investment Properties 24,115 43,842Net Income Before Tax 60,353 80,524Net Income Per Unit (sen) 18.86            25.16            

Net Income Per Unit ‐ Realised (sen) 11.32            11.46            

Payout Ratio 90% 93%

Dividend Per Unit (DPU) (sen) 10.20            10.71            

Annualised DPU (sen) 10.20            9.89              

Change in DPU (Annualised) + 3.2%

PRIVATE & CONFIDENTIAL 5

Distribution Details

Hektar REIT Quarterly Dividend DistributionsCurrent Dividend Distribution Details: 4th Quarter 2008 FY08

Distribution Period 1 October – 31 December 2008

Quarterly DPU 3.00 sen

Current Dividend Distribution Details: 4 Quarter 2008DPU

+ 3.2%

Notice of Entitlement 5 February 2009

Ex-Dividend Date 18 February 2009

Book Closure Date 20 February 2009

4Q 4Q

Distribution Payment Date 5 March 2009

Previous Dividend Distributions3Q 3Q

9.8910.20 sen

13 months

Year Dividend Period DPU

2008 3Q08 Interim 1 Jul – 30 Sep 08 2.40 sen

2008 2Q08 Interim 1 Apr 08 – 30 Jun 08 2.40 sen

2Q 2Q

9.89 sen(annualised)

2008 1Q08 Interim 1 Jan 08 – 30 Mar 08 2.40 sen

2007 FY07 Final 1 Oct 07 – 30 Dec 07 3.51 sen

2007 3Q07 Interim 1 Jul 07 – 30 Sep 07 2.40 sen

1Q 1Q

2007 2Q07 Interim 1 Apr 07 – 30 Jun 07 2.40 sen

2007 1Q07 Interim 1 Dec 06 – 31 Mar 07 2.40 sen

FY 2007(13-months)

FY 2008(12-months)

Interim & Final Dividend

PRIVATE & CONFIDENTIAL 6

Comparative Yields - Malaysia

Hektar FY2008 Dividend Yield at 13.25%Traded at a 1003 bps spread over MGS 10-yearp p y

1003 bps1003 bpsspread

Sources: Bloomberg (9 January 2009) , The Star. Hektar REIT yield based on closing price of RM0.77 on 31 December 2008 and FY2008 DPU of 10.2 sen.

PRIVATE & CONFIDENTIAL 7

Portfolio Performance

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Hektar Portfolio - Occupancy

Portfolio Occupancy at ~95.8% for 2008

*Approximate average weighted by Net Lettable Area.

PRIVATE & CONFIDENTIAL 9

Hektar Portfolio – Visitor Traffic

Slight Dip in Visitor Traffic to PortfolioTracked by Footfall, camera-based system installed in each centrey , yOverall visitor traffic up 14.5% in 2007, down 4.3% in 2008 for Subang and Mahkota ParadeW t P d t ffi t i t ll d i S t b 2008Wetex Parade traffic system installed in September 2008

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Hektar Portfolio – Tenant Mix10

Diversified Portfolio Tenant MixHektar Portfolio Key / Legend

By Rental Income* By NLA

Key / Legend

Subang Parade Mahkota Parade Wetex Paradeg

By Rental Income* By Rental Income* By Rental Income*

* Based on monthly rental income for December 2008. NLA = Net Lettable Area

PRIVATE & CONFIDENTIAL

Hektar Portfolio – Tenant Diversity11

Hektar Top Ten Tenants by Rental IncomeTop 10 Tenants Contribute 27.5% of REIT’s Monthly Rental Incomep y

• Retailer Dependency: only Parkson contributes ~11.0% of total monthly rental income to REIT, no other tenant contributes more than 3.1%

* Based on monthly rental income for December 2008. NLA = Net Lettable Area

PRIVATE & CONFIDENTIAL 12

Hektar Portfolio – Rental Reversions

FY2008 – Rental Reversions up 8%4Q08: 36 new tenancies / renewals at an average 14% higher rental rateFY2008: total 101 new tenancies / renewals at average 8% higher rate

*Average Weighted by NLA. Figures as of 31 December 2008. NLA = Net Lettable Area

PRIVATE & CONFIDENTIAL 13

Hektar’s Portfolio – Tenancy Expiry Profile

Hektar’s Tenancy Expiry Profile 2008 – 2012By Property (as at 31 December 2008)y p y ( )

* Based on monthly rental income for December 2008.

PRIVATE & CONFIDENTIAL 14

Hektar’s Portfolio – Tenancy Expiry Profile

Portfolio Tenancy Expiry Profile 2008 – 2012Relatively Distributed Expiry Portfolio as at 31 December 2008

• FY2009 expires account for no more than 23% of monthly rental income*

* Based on monthly rental income for December 2008. NLA = Net Lettable Area

PRIVATE & CONFIDENTIAL 15

Hektar’s Portfolio – Step-Up & Turnover

Hektar Portfolio Tenancy ProvisionsTurnover Rent Provisions: Portfolio average of 72% of tenanciesgStep-Up Rent Provisions: Portfolio average 63% of tenanciesWetex Parade: implementing provisions for new tenancies / renewals

Notes: Data as at 31 December 2008. Wetex Parade acquired in May 2008. Turnover Rent Provision: rent calculated as a proportion of annualturnover of the tenant’s business. Turnover Rent is paid to the REIT if it exceeds the base rent specified in the tenancy agreement on an annualbasis. Step-Up Rent Provision: Specified in tenancy agreement as a pre-determined increase in rent at defined intervals during a tenancyagreement, typically each year. Forms the base rent of any tenancy agreement.

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Financial Results

PRIVATE & CONFIDENTIAL 17

Revenues & Expenses

Gross Revenue up 23.9% over BudgetFor Period 1 October 2008 – 31 December 2008

Note: Budget based on FY2008 figures from Hektar REIT’s Initial Public Offering Prospectus dated 15 November 2006.

PRIVATE & CONFIDENTIAL 18

Income Statement – Quarter

Fourth Quarter 2008 Net Income exceeds Budget by 12.4% For Period 1 October 2008 – 31 December 2008 (versus Budget)

Note: Budget based on FY2008 figures from Hektar REIT’s Initial Public Offering Prospectus dated 15 November 2006.

PRIVATE & CONFIDENTIAL

Income Statement – Quarter Comparative19

4Q08 Net Income exceeds 4Q07 by 5.8% For Period 1 October 2008 – 31 December 2008 (versus Previous Comparable Quarter)

PRIVATE & CONFIDENTIAL

Income Statement – FY200820

FY 2008 Net Income is 25.7% over BudgetFor period 1 January – 31 December 2008 (12 months)

Note: Budget based on FY2008 figures from Hektar REIT’s Initial Public Offering Prospectus dated 15 November 2006.

PRIVATE & CONFIDENTIAL

Income Statement – Yearly Comparative21

FY2008 v FY2007 ComparativeDifferent comparative period: 12 months v 13 monthsExcluding December 2006, FY2008 net income is 7% higher than FY2007

PRIVATE & CONFIDENTIAL 22

Balance Sheet

No. of Units

320,001,000Net Asset Value Per Unit

Unit Price, 31 Dec 2008

1.257Unit Price, 31 Dec 2008

Premium / (Discount) NAV

0.77

(39%)(39%)

PRIVATE & CONFIDENTIAL 23

Debt Profile

Hektar REIT’s Long-term Debt StructureFixed Term Tenure Annual Floating Rate

Debt StructureAl-Murabahah / OD

Fixed Term LoanTotal Debt: RM301.5 millionWeighted Average Cost of Capital: 4.70% As at 31 December 2008

Annual Floating RateRate: Cost of Funds +0.75%

Tranche 1Term: 5 yearsUnencumbered Asset: Wetex Parade Term: 5 yearsExpiry: 2011

Pledged: Subang ParadeSize: RM184 million

Drawdown: RM184 millionDebt Expiry Profile Share of Debt

n

Drawdown: RM184 millionCost: 3.79% + 0.75%

Rate Reset: December 2009Tranche 2

RM m

illion

Term: 5 yearsExpiry: 2013

Pledged: Mahkota ParadeSize: RM150 million

Gearing (Debt/GAV)*

Drawdown: RM117.5 millionCost: 4.20% + 0.75%

Rate Reset: March 2009Gearing (Debt/GAV)

40.8%

* SC Guidelines (2005): Gearing Limited for Malaysian REITs: 50% of GAV (Gross Asset Value)

PRIVATE & CONFIDENTIAL 24

Centre Breakdown

Subang Parade remains Hektar REIT’s largest shopping centre

Centre RevenueRevenue FY08 Centre RevenueAs % of Revenue FY08

Revenue FY08By Centre, RM million

NPI FY08 Centre NPIBy Centre, RM million As % of NPI FY08

Note: Wetex Parade & Classic Hotel was acquired in May 2008: results are for 8 months only. Revenue from Classic Hotel is based on a fixed annual net lease. NPI = Net Property Income

PRIVATE & CONFIDENTIAL 25

Valuation

Hektar REIT Portfolio Revalued up 5% in 2008

Property Value RM million

Note: As per Bursa Malaysia announcement dated 13 January 2009 based on independent valuation

Net Asset Value RM

+ 39% + 22%+ 39%since IPO

+ 22%since IPO

Annualised+ 19%

Annualised+ 10%

PRIVATE & CONFIDENTIAL 26

Contact Us

Investor RelationsH kt A t M t Sd BhdHektar Asset Management Sdn BhdBlock C-0-5, Plaza Damas60 Jalan Sri Hartamas 1Sri HartamasSri Hartamas50480 Kuala LumpurMALAYSIA

℡ +6 03 6201 1011

+6 03 6201 00126 03 6201 0012

www.HektarREIT.com

“CREATING THE PLACES WHERE PEOPLE LOVE TO SHOP”